Essay on Sample Final Spring
Identify the choice that best completes the statement or answers the question.
____ 1. The adage, "There is no such thing as a free lunch," is used to illustrate the principle that
a.|goods are scarce.|
b.|people face tradeoffs.|
c.|income must be earned.|
d.|households face many decisions.|
____ 2. Moira decides to spend two hours taking a nap rather than attending her classes. Her opportunity cost of napping is
a.|the value of the knowledge she would have received had she attended class.|
b.|the $30 she could have earned if she had worked at her job for those two hours.|
c.|the value of her nap less the value of attending class.|
d.|nothing, since she would valued sleep more than attendance at …show more content…
a.|GDP increases by $2.00.|
b.|GDP increases by $3.00.|
c.|GDP increases by $5.00.|
d.|GDP increases by $6.00.|
____ 9. Quality Motors is a Japanese-owned company that produces automobiles; all of its automobiles are produced in American plants. In 2007, Quality Motors produced $20 million worth of automobiles, with $12 million in sales to Americans, $6 million in sales to Canadians, and $2 million worth of automobiles added to Quality Motors’ inventory. The transactions just described contribute how much to U.S. GDP for 2007?
The table below contains data for the country of Batterland, which produces only waffles and pancakes. The base year is 2006.
____ 10. Refer to Table 23-5. In 2007, Batterland’s real GDP was
____ 11. Refer to Table 23-5. In 2008, Batterland’s real GDP was